Western Springs, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Western Springs, IL Housing Market Trends

With 13,359 people, 4,331 houses or apartments, and a median cost of homes of $661,572, Western Springs house prices are not only among the most expensive in Illinois, Western Springs real estate also is some of the most expensive in all of America.

Western Springs is a village of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Western Springs than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Western Springs. Owner-occupied housing accounts for 96.24% of Western Springs's homes, and 76.07% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Western Springs's housing was primarily built during this period, from the '40s through the '60s. A full 49.71% of the village's housing hails from this era. Other housing ages represented in Western Springs include homes built before 1939 ( 17.57%) and housing constructed between 1970-1999 ( 17.35%). There's also some housing in Western Springs built between 2000 and later ( 15.37%).

Western Springs Home Appreciation Rates

Western Springs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Western Springs during the period has been just 1.74%, which is lower than 70% of US communities.

Over the last year, Western Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Western Springs's appreciation rate has been 2.65%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Western Springs were at 1.26%, which equates to an annual appreciation rate of 5.13%.

Notably, Western Springs's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Western Springs's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$661,572

Western Springs, IL HOME PRICES

> $1,065,000
15.1%
15.1%
$799,001 - $1,065,000
14.8%
14.8%
$533,001 - $799,000
33.3%
33.3%
$426,001 - $533,000
15.6%
15.6%
$319,001 - $426,000
12.5%
12.5%
$213,001 - $319,000
5.4%
5.4%
$106,001 - $213,000
2.6%
2.6%
$53,001 - $106,000
0.3%
0.3%
$0 - $53,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
4,331

Western Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
52.81% 2.04%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,816 / per month

Homeownership Rate

Owners
96.2%
96.2%
Renters
3.8%
3.8%
Vacant
5.0%
5.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.4%
15.4%
1970 - 1999
17.3%
17.3%
1940 - 1969
49.7%
49.7%
1939 or Older
17.6%
17.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
91.2%
91.2%
Townhomes
4.8%
4.8%
Small Apt. Buildings
2.2%
2.2%
Apt. Complexes
1.8%
1.8%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
0.4%
0.4%
2 Bedrooms
9.2%
9.2%
3 Bedrooms
36.8%
36.8%
4 Bedrooms
39.3%
39.3%
5 or more bedrooms
14.3%
14.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Western Springs

Zip Codes in Western Springs, IL